2928 ARTICLE 77

(2) All persons who are teachers on the date as of which the retirement
system is established, including those who are on the "waiting list" and
eligible for retirement, and who are not beneficiaries of any other retire-
ment system, except those specifically excluded under Sub-section (3) of
this Section, shall become members as of that date unless within a period
of thirty days next following, any such teacher shall file with the Board
of Trustees on a form prescribed by such Board a notice of his election not
to be covered in the membership of the system and a duly executed waiver
of all present and prospective benefits which would otherwise inure to him
on account of his participation in the retirement system.

(3) Teachers who are members and those who under the existing law are
entitled to become members of any fund operated for the retirement of
teachers by a city, county or other political subdivision of the State of
Maryland shall not be entitled to membership in this retirement system
unless on or before a date not more than one year next following the estab-
lishment of this retirement system a majority of the members of such fund
shall indicate by a notice filed with the Board of Trustees on a form pre-
scribed by the Board that they vote to have the privilege to participate in
this retirement system. Should a majority of the members of any such
fund so vote, then the Board of Trustees of this retirement system shall
announce by a notice duly filed with the persons in charge of the adminis-
tration of such fund, that on and after a certain date to be set by the Board
of Trustees of this retirement system not more than thirty days next suc-
ceeding the date of the majority vote, but not prior to the date this system
is established, all members of that fund shall be eligible to participate in
this retirement system. All members of said fund shall then become mem-
bers of this system on such date, unless within thirty days next succeeding
they shall elect not to become members. All new teachers in said city or
county shall thereafter become members of this system as a condition of
their employment. Any teacher eligible to participate who shall elect not
to become a member of this system shall file with the Board of Trustees on
the form prescribed by the Board an election not to be covered in the mem-
bership of the system and a duly executed waiver of all present and pro-
spective benefits which otherwise would inure to him on account of his
participation in the retirement system.

If the majority of the members of a retirement or pension fund do vote
to enter this retirement system as described above, the local fund shall be
discontinued within thirty days next succeeding the date of the majority
vote, but not prior to the establishment of this retirement system, the pay-
ment of all pensions to members on the pension roll as of the date of dis-
continuance shall become an obligation of the city or county in which the
fund was operated and shall be continued and paid by such city or county.
The moneys and securities of the fund, not exceeding the present value of
the payments to be made on account of all pensions to the pensioners on the
rolls of the fund as of the date of discontinuance shall be" transferred to the
said city or county as an offset to the payments required for the existing
pension roll; and the amount of the excess of the moneys and securities of
the fund over and above the present value of the payments to be made on
account of all pensions to pensioners shall be distributable among the active
members of the fund at the time of its discontinuance in proportion to the
respective contributions which they had previously made to the fund, pro-
vided that no member shall receive more than his accumulated contribu-
tions. If the distributable funds are more than sufficient to provide each